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The health production function revisited: the role of social Networks and liquid wealth
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Resumo(s)
Building upon the Grossman model (1972), we propose an extended model of health
production, which accounts for the role of social network interactions and share of liquid wealth. The
model predicts that both factors have a positive impact on health production. A recursive system that
controls for potential sources of endogeneity of social network contacts, share of liquid wealth and health
care demand is used to empirically test the theoretical predictions. The estimation results show that the
share of liquid wealth directly affects health in a positive and statistically significant way. Social networks
do not have a direct impact on health production, though the model suggests that they indirectly enhance
health through a greater use of necessary health care services. Lastly, the empirical model evidences that
social networks and the share of liquid wealth act as substitutes in the production of health.
Descrição
Palavras-chave
health production function grossman model social networks liquid wealth